The global honey market size was estimated at USD 9.45 billion in 2022 and is expected to hit around USD 15.99 billion by 2032, poised to reach at a notable CAGR of 5.4% during the forecast period 2023 to 2032.
Key Takeaways:
Honey Market Report Scope
| Report Attribute | Details |
| Market Size in 2023 | USD 9.96 Billion |
| Market Size by 2032 | USD 15.99 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 5.4% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Processing, Distribution channel, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | Beeyond the Hive; Barkman Honey LLC; Dabur India Ltd.; Capilano Honey Ltd.; New Zealand Honey Co.; Streamland Biological Technology Ltd.; Oha Honey LP; Billy Bee Honey Products; Little Bee Impex; Dutch Gold Honey, Inc. |
Honey is an excellent source of numerous nutritional ingredients including vitamins, minerals, calcium, and antioxidants. High demand for nutritious food products is a prominent factor driving the market, as people are increasingly becoming more aware of the benefits of living a healthy lifestyle. The growing health concerns in the wake of the COVID-19 pandemic could be a game-changer for the honey sector. Due to its antibacterial, antiviral, and anti-fungal properties, the product is receiving appreciation and wider acceptance as an effective medicine to treat acute cough and throat infections observed in corona-infected patients.
Honey can be used in beverages, processed foods, jams, and jellies and is increasingly used as an ingredient in health and beauty products. The easy availability of a wide range of these products, coupled with the product’s ability to impart a desirable taste in food and beverage products, is aiding the market demand. Moreover, honey contains a number of medical characteristics, including the ability to boost metabolic activity, control blood pressure, lower the risk of diabetes, and even treat burn wounds. Thus, it is widely used in many applications apart from food and beverages, such as cosmetics and pharmaceuticals, which is also estimated to augment market growth.
Product manufacturers are coming up with innovative launches to engage an increasing number of consumers. For instance, in July 2021, Dabur launched honey-infused syrups, a new line of syrups and spreads segment. The product has no added sugar and is a healthier version of the classic strawberry syrups and sugary chocolates available in the market. The rising health consciousness among consumers has motivated them to include natural sweeteners in their diets and reduce white sugar usage. The antioxidant and antibacterial properties of natural sweeteners have made them an ideal sweetener choice for consumers. Furthermore, the longer shelf-life of the product and high affordability are other prominent factors that positively impact market growth.
Processing Insights
The conventional segment held the largest revenue share of over 80.16% in 2022 and is expected to maintain its lead over the forecast period, owing to its lower prices and wider availability in comparison to organic honey. Further, nowadays, new flavors with exotic add-ons are being introduced in conventional products as per the changing consumer demands, which is likely to drive the conventional segment. The organic segment is projected to register the fastest CAGR of 5.9% from 2023 to 2032 due to the growing trend of eating healthy among millennials and adults.
Furthermore, substituting plant-based sweeteners for natural honey sweeteners will promote market growth in the years to come. Moreover, the growing population and increasing number of people moving towards honey sweeteners provide a significant growth opportunity for the key players operating in the market. Many key players including Blenditup, Just Like Honey, and Vegan Honey Company are launching vegan honey.
Distribution Channel Insights
The hypermarkets and supermarkets segment captured the largest revenue share of over 40.9% in 2022. The increasing penetration of independent retail giants such as Walmart and Costco is boosting product visibility and attracting a larger consumer base. Consumers prefer to physically verify these products before buying, which is driving sales through this channel. The online distribution channel is projected to register the highest CAGR of 6.7% from 2023 to 2032. Consumers are switching from offline to online channels owing to the change in their purchasing patterns and a considerable shift in lifestyles.
Online platforms offer high levels of convenience, increased product visibility, and at-home delivery features, which is promoting segment growth. A majority of consumers rely on virtual stores to help them navigate through the multitude of products available and at times, return and exchange options available to them if not satisfied with the delivered products. Numerous market players prefer to sell varieties of honey, royal jelly, and wax through these stores as they offer more accountability with respect to overall customer service.
Regional Insights
Europe held the largest revenue share of over 36.2% in 2022 and is expected to maintain its lead over the forecast period. A rapidly improving economy due to rising disposable income, urbanization, and changing lifestyles is projected to drive product demand in the respective region, thereby augmenting the overall market growth in the years to come. Asia Pacific is expected to register the highest CAGR from 2023 to 2032. Consumers’ increasing inclination towards healthy and tasty eating habits is boosting market growth.
Moreover, the presence of well-established players in the region and the constantly growing millennial population, along with its willingness to spend more on healthier sweeteners, are driving the market in the Asia Pacific. The market is mainly dominated by players like Jedwards International, Inc.; Koru Natural; and Pacific Resources International. Furthermore, the chief factors that are expected to favor the regional market growth include an increase in the production volume of honey and a rise in its consumption among people.
Key Companies & Market Share Insights
The market is characterized by the presence of a few well-established players and several medium players. Industry players are taking up key strategic initiatives such as product launches to gain a competitive edge in the market.
Some of the prominent players in the Honey Market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the Honey market.
By Processing
By Distribution Channel
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers